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United Arab Emirates Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 51 pages

Includes 3 FREE quarterly updates

BMI View: The UAE's insurance sector will grow at a solid, if slowing, pace over the next five years, on theback of stable economic fundamentals and demand from the large expatriate workforce. We see the mildconsolidation as a consequence of heavy competition in the sector which is putting downward pressure onpremium prices. Growth will be particularly intense over 2016-2017, due in large part to a surge in healthinsurance premiums due to recent legislation making health insurance compulsory for foreign residents.Life insurance is less established, and again demand is primarily driven by foreign workers unable toaccess generous state benefits provided to nationals

Key Updates And Forecasts

- We maintain our forecasts for 2016, with the roll-out of mandatory health insurance in the UAEcontinuing to be the main source of premium growth. The government also recently passed a resolutionthat will enable emergency healthcare providers to charge insurance companies for emergency treatmentin the country.

- Qatar Insurance Company (QIC) is launching in the retail (personal) non-life market, providing motor,travel and home insurance alongside the corporate products it has provided in the UAE since 1968.

- We expect premiums in the non-life market to grow by around 10.7% in 2016, to reach USD8.1bn upfrom USD7.3bn in 2015.

- Following a short-term contraction, premiums in the smaller life sector are expected to grow by 16.2% in2016 to reach gross premiums written of USD2.0bn in, up from USD1.7bn in 2015.

Table Of Contents

United Arab Emirates Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (United Arab Emirates 2013-2020) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (United Arab Emirates 2013-2020) 11
Table: Life Insurance Claims (United Arab Emirates 2008-2015) 12
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (United Arab Emirates 2013-2020) 15
Table: Non-Life Insurance Claims (United Arab Emirates 2009-2015) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (United Arab Emirates 2013-2020) 24
Industry Risk Reward Ratings 26
MENA Insurance Risk/Reward Index 26
Table: MENA Insurance Risk/Reward Index - Q216 27
Market Overview 28
Life Market Overview 28
The Product Offering 28
The Competitive Landscape 28
Non-Life Market Overview 30
The Product Offering 30
The Competitive Landscape 30
Company Profile 33
Abu Dhabi National Insurance Company (ADNIC) 33
Alliance Insurance Company 36
Arig 39
Islamic Arab Insurance Company (Salama) 42
Methodology 45
Industry Forecast Methodology 45
Risk/Reward Index Methodology 48
Table: Indicators 50
Table: Weighting of Indicators 51

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